The exhaust smell could be a leak under the hood, check the manifold to pipe connection for carbon around it. The squeeling noise is probably a loose or glazed belt, check the surfaces of the belt for shine and/or cracks, if there are none the belt is loose, if it is glazed or cracked it needs to be replaced. If you do replace the belt, be sure to check all of the pullies for freeness and make sure they do not wobble.

The exhaust smell could be a leak under the hood, check the manifold to pipe connection for carbon around it. The squeeling noise is probably a loose or glazed belt, check the surfaces of the belt for shine and/or cracks, if there are none the belt is loose, if it is glazed or cracked it needs to be replaced. If you do replace the belt, be sure to check all of the pullies for freeness and make sure they do not wobble.

Well i checked for a leak under the car when i stopped it and nothing was dripping at all. Quite mind boggling... could it be a hole in my exhaust somewhere?

yes if the front pipe has a flex joint wire covered check here as the pipe crack's in the flex also check the joint at the manifold to pipe the gaskets maybe gone (need to have car running for this to feel for leaks(hot exhaust) careful of the pipe will be hot don't touch just run along pipe feeling for blowing exhaust from pipe)

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without seeing or hearing your problem all i can do is offer advice on what to check
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the 97 corolla has a three piece exhaust system.1)a catalytic converter2)a resonator/pipe assembly3)the muffler pipe assembly.a common problem on these cars is a hole in the bottom of the resonator,or an exhaust leak at the rear of the flexible covering before the flange that connects to the resonator assembly.there could be a leak .there are different belts for your car depending whether it has a/c or not or power steering.use genuine toyota parts.toyota use german made light bulbs,canadian tire use chinese ones.

the 97 corolla has a three piece exhaust system.1)a catalytic converter2)a resonator/pipe assembly3)the muffler pipe assembly.a common problem on these cars is a hole in the bottom of the resonator,or an exhaust leak at the rear of the flexible covering before the flange that connects to the resonator assembly.there could be a leak .there are different belts for your car depending whether it has a/c or not or power steering.use genuine toyota parts.toyota use german made light bulbs,canadian tire use chinese ones.